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Those who hope to see a new Bitcoin peak during the current post-halving cycle might be in for a rude awakening.
According to a recent report by banking analyst JPMorgan, the flagship cryptocurrency has already peaked in terms of its valuation and trading volumes.
The leading cryptocurrency reached its current peak of $73,737 on March 14 following the highly successful debut of various Bitcoin exchange-traded funds (ETFs).
However, the cryptocurrency failed to sustain its bullish momentum. Multiple attempts to reclaim the $73,000 were unsuccessful for the bulls.
Last week, the Bitcoin price plunged below the $54,000 level, recording the biggest correction of the current cycle of 27%. The cryptocurrency has been underperforming the U.S. equities market due to various bearish headwinds such as Mt. Gox's repayments and massive sales initiated by the German government.
JPMorgan also mentioned the underwhelming performance of Bitcoin ETFs in June, which suffered from $662 million worth of outflows.
However, there are still some analysts who believe that the bullish cycle is far from over. For instance, Fundstrat's Tom Lee recently reiterated his $150,000 price prediction. Commodity trader Peter Brandt is also convinced that such a target would be achievable for the leading cryptocurrency in 2025.
Despite the bearish headwinds, there are still some signs that the market might be in recovery mode. For instance, Bitcoin spot ETFs managed to record a stunning $295 million worth of inflows on July 8 in a sign of growing demand.
Vladislav Sopov
Dan Burgin